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TEMPE, AZ-Following a three-week stint on the market, the 9,690-sf Broadway Shops have been sold for $1.5 million to first-time Valley buyers. The asset was on the market for $1.6 million.

“This had about eight offers during its time on the market. This property fits into that size range in which there is a deep capital pool right now so we ended up with a lot of interest in it,” says Michael Hackett, a senior associate with Marcus & Millichap Real Estate Investment Brokerage Co.’s Phoenix office, who represented the seller of the 818 W. Broadway Rd. asset, John A. Teberg Trust of Irvine, CA.

Hackett tells GlobeSt.com that the buyer, Carol Pham and Lydia H. Nguyen of Garden Grove, CA ended up coming in with the most aggressive price, which is why they got the nod for the property. “They’re planning on doing some renovation, a new façade, some signage and putting in a couple of new tenants,” Hackett adds. “They’ll try to stabilize the property for a bit, but they probably shouldn’t need to spend any more than $100,000 to do so.” The buyer was represented by Ron Duong and Michael Woolbright of Marcus & Millichap’s Newport Beach, CA office.

The 25-year-old building was 90% occupied at sale time. Its tenants are Subway, Hunan Express, Money Mart and America Labor Force.

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